The chickpea market continues to struggle to find its footing with bids still floating around 38-40 cents/lb contingent on size. Trade activity at these levels remains slow and buyers show no signs of concern for the lack of product coming to the table at this point.  Canadian supplies are expected to increase this year due to average yields. However, the larger U.S. chickpea harvest will likely reduce demand for Canadian chickpeas. India, on the other hand, has seen rising prices, which could indicate an increased need for imports, potentially benefiting Canadian producers. However, any significant price swings seem unlikely in the near future as the market waits to see how yields come in across North America.

Pea harvest is progressing, with yields expected to be higher than last year. This increase in production, combined with a larger crop, may lead to heavy supplies, requiring a boost in demand to prevent oversupply. Prices have already begun to pull back, which is typical during harvest time. Currently, yellow peas are priced around $9 – 9.50/bu, while green peas show quotes at $13 – 14/bu (with freight sensitivity at the higher end).  Maple peas started the week at $18-$18.50/bu, depending on variety, but demand and pricing seems to have quieted at time of writing. Growers with maples in the bin are likely to see bids at $14.50-$16.50/bu today, though a firm target might open up small windows of opportunity. All three types of peas are slow to trade at these levels. Demand from key markets like India and China remains weak, with no immediate signs of improvement.

The barley market remains steady this week, with bids generally quoted in the $4.25 – $4.50/bu FOB farm range around Saskatchewan and improving for locations closer to feedlot alley. As more tonnage hits the bins, it seems spot prices may soften, while shipping windows get pushed out. Those looking to secure bin space and cash flow may want to act now before nearby pricing options dry up. Despite the ongoing harvest putting pressure on spot prices, reports of light test weights in some areas are being reported and could impact feed prices if this becomes a common theme. On the malt side, pricing remains quiet, but low test weights, which often indicate higher protein, could lead maltsters to needing to cover shortfalls. It’s advisable to have your barley graded and then work on pricing based on the quality. If you need more detailed information or assistance with marketing your crops, feel free to reach out!

This week has seen more downward pressure on canola markets, with negative trends on Monday and Tuesday overshadowing the slight recovery on Wednesday. Even the Wednesday morning rebound has pulled back as pressure from the soybean and canola biofuels industry continues to weigh on values. Current prices are below $12/bu in many areas, with low basis levels adding to the pain. However, values push into the mid-$12s for the winter months. Preliminary yield reports are sparse, with many farmers anxiously awaiting to see how their crops fared after the late heat and dry conditions during flowering. The biggest issue for canola today is the downward pressure from other edible oils markets, particularly soybeans. It remains to be seen if adjusted canola production numbers will impact prices as harvest progresses.

In the soybean market, Monday’s USDA report increased the soybean yield estimate by 1.2 bushels per acre to 53.2, a record forecast, with several U.S. states projecting record yields. These estimates put U.S. ending stocks in August at 560 million bushels, the largest since the 2018/2019 season. Although futures dipped after the report, soybeans have slightly recovered, trading at $9.89/bu at the time of writing. Turning to dry beans, Canadian exports slowed over the summer in anticipation of the upcoming harvest, but the year’s pace remains strong. The U.S. dry bean crop looks to be in good shape, while Argentina’s harvest suffered from frost and drought, leading to a smaller production numbers. With active markets, those looking to move beans should reach out to their merchant with a grade or sample picture to secure an accurate bid in their area.

The flax market has seen some price settling as new crop harvest approaches. Bids are hovering around $16.00/bu picked up out to November, while quicker movement is closer to $15.00/bu. Higher imports in June (the highest since 2021) have contributed to the price stabilization. While some regions are expecting lower yields due to the hot and dry July, other areas do look more promising. North American flax values have remained stagnant, but European prices are at a premium. The Black Sea region’s flax crop is expected to add pressure to market values, as they anticipate a larger crop. However, with tighter North American supplies and tariffs on Russian flax, there could be opportunities for markets to open up for the 2024/25 season.

The wheat market has been a tough one to navigate for producers lately as bids are largely sliding downward with only slight recoveries seen week after week. The USDA report indicates a production increase of around 126 million bushels, attributed to increased acreage, which is adding pressure to the market. Softer prices combined with higher input costs are raising concerns about wheat’s ROI, especially when yields can’t offset price declines. Many farmers are locking their bin doors and holding off on making additional sales outside of what has already been forward contracted. Today, milling bids start around $6/bu, while feed wheat pricing hovers in the $6.00-$6.50/bu range. Growers may opt to sell good quality wheat into the feed market at par or in some cases at a slight premium without the hassle of stringent grade specs. The current environment has all wheat trading activity quiet.

The oat market remains solid this week, with buyers still offering strong bids, especially with harvest just around the corner. Bids are steady around $4.50/bu delivered plant for the last quarter of 2024, with the potential for higher FOB bids if you’re willing to push shipping timelines further out. As harvest begins, it will be essential to keep an eye on any grading issues or yield losses due to the heat, as reports of light barley and durum have already surfaced in the south. It’s advisable to send samples for grading as your oats come off to ensure quality and to secure the best possible price by knowing exactly what you are marketing!

The mustard market remains quiet as harvest nears in the south. Spot yellow mustard might still catch a bid in the 45-cent range, but tonnage is limited. Brown and oriental mustard struggle to reach 30 cents FOB, with buyer demand remaining modest, but opportunities likely arise if growers are willing to push shipping windows to full crop year. Most buyers are focused on shipping production contracts already booked, so moving anything “off the combine” has been difficult. Despite the July heat wave and potential yield challenges, demand remains stagnant. For those needing to market mustard, staying proactive by getting harvest samples in/graded and providing offers might help, as deals could be worked out across all three types. Always check in for the latest updates and potential marketing strategies.

Lentil prices are trending lower as harvest progresses across the northern U.S. and the Canadian prairies. Early yield reports are inconsistent, making it difficult to predict final yield numbers, but at this stage very few disasters have been reported. Buyers seem to be moving product this week, likely trying to beat a potential rail strike the week following. Red lentils are trading between 28-29 cents/lb on farm, large green lentils between 46-48 cents/lb for #2 or better quality, #1 small greens between 42-44 cents/lb, and medium greens at 41-44 cents/lb CAD (30-31 cents USD). Specialty lentils, such as French greens and beluga lentils, remain relatively quiet. The lentil market will likely be volatile in the coming weeks until harvest pressure eases.

The canary seed market remains stable for another week as buyers wait for harvest to begin. If you need to move product to clean out a bin and/or have some early 2024 crop off, a 38-cent delivered price is still available and we encourage growers to take advantage. New crop pricing is now quoted the low to mid 30 cent/lb range. The July heat wave and the potential impact of aphids are factors to watch as yields could be affected. The big question is whether the slight increase in acres will be enough to offset any late season yield loss. For any further inquiries on specific marketing strategies, or to submit a firm target, please feel free to reach out!

Rayglen Market Comments are for informational purposes only. Rayglen Commodities and its agents or employees shall not be liable for any loss or damage suffered by any person as a result of reliance on any of the contents contained within these products, whether such loss or damage arises from negligence or misrepresentation or any act or omission of its agents or employees.